Cyber attacks are a common occurrence today. As your construction company uses technology for more operational needs, you also increase cybersecurity threats. As you work with online tools and resources in your industry, it becomes more crucial than ever to obtain Ohio construction insurance. The right policy protects you from potential cyber losses in the construction industry.

Cyber Security in Construction Industry

While your construction operation is at risk for the same cybercrimes as other businesses, you also face unique dangers. With the use of specific tools for systems control, data management, autonomous machine features, project drawings, field directives, and purchase orders, there are various avenues for a hacker to obtain vital records. You must learn which areas are vulnerable and take precautions to protect your information and finances.

Primary Security Risks of Construction Businesses

Two of the leading security concerns for your company include ransomware and social engineering.

Ransomware

This digital crime prevents you from accessing your data once a hacker breaches your systems. A cybercriminal encrypts your information using malware and then demands money for its release. Often, the attackers specify a time limit for your payment. Refusing to pay may result in the total loss of your files or release to the public. Typically, a criminal sends malware to your systems via a phishing email containing malicious links or attachments.

Social Engineering

The construction industry also faces social engineering schemes in which criminals impersonate vendors or senior management executives through compromised email tactics. They then request funds, monetary transfers, or access to sensitive financial information via email, resulting in financial loss.

Effects of Cyber-Attacks on Construction Companies

There are many potentially devastating consequences of online data breaches. Ohio construction insurance helps mitigate the costs associated with losses from these incidents. Some possible impacts on your organization include:

• Intellectual property breach: Attackers can access sensitive schematics or blueprints, resulting in potential lawsuits or damage to your professional reputation.
• Bid data access: If others obtain your bid strategies, you may lose job prospects.
• Downtime: Loss of productive work time may put your project in jeopardy and result in significant revenue loss.
• Property damage: Equipment that relies on technology can damage your building project or tools if it becomes compromised.
• Bodily injuries: If hackers overtake autonomous machinery, your workers could sustain injuries.

Ways To Protect Your Construction Business From Cybercrime

It is essential to take the time and implement comprehensive security measures to protect your operation. Some ways to safeguard your business include:

• Take inventory of your assets to determine vulnerable areas.
• Identify the cybersecurity risks your company faces.
• Prepare a plan for how to address the potential dangers.
• Train your employees on how to recognize attacks and report them.
• Provide security protocols to follow if there is a breach.
• Purchase Ohio construction insurance to reduce out-of-pocket costs when cyber-attacks occur.

You use technology to provide cutting-edge services for your clients, but this also increases your chances of falling victim to cybercrime. Securing adequate insurance coverage and actively addressing risks reduces the possibility of loss.

About Haughn & Associates 

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.